TAIEX follows Wall Street fall
The TAIEX closed down 1.61 percent yesterday as investors reacted to a Wall Street fall overnight amid renewed concerns over weakening global economic fundamentals, dealers said.
The TAIEX fell 124.92 points to 7,616.28, after moving between 7,577.10 and 7,687.47, on turnover of NT$115.80 billion (US$3.62 billion).
The market opened down 0.93 percent after Wall Street’s 1.39 percent decline pushed the Dow Jones Industrial Average to the brink of tumbling below the key 10,000 barrier, dealers said.
Selling accelerated across the board with Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics manufacturer, dragging down the index on weaker-than-expected results for the first half of the year..
A total of 3,087 stocks closed down and 692 finished higher, with 151 remaining unchanged. Foreign and Chinese institutional investors were net sellers of NT$5.3 billion in shares on the day.
Taiwan and Ireland talk
Taiwan and Ireland opened a two-day conference in Dublin on Monday to discuss cooperation on sustainable energy technology, Taiwan’s representative to Ireland said the same day.
The joint conference, sponsored by the National Science Council (NSC) of Taiwan and the Science Foundation Ireland (SFI), has five major topics on its agenda — applications of information and communication technology, ocean energy, renewable energy, solar energy and smart grids.
The conference has been planned for about two years and has finally been organized thanks to the aid of the NSC and the SFI, Taiwanese Representative to Ireland Lee Nan-yang (李南陽) said at the opening ceremony.
“Taiwan and Ireland are both devoted to the development of green power,” Lee said. “I hope the joint conference will increase opportunities for cooperation on green power technology between the two countries,” he added.
Over 70 representatives attended the conference, including officials of state-owned companies and scholars from both countries.
China firm seeks TAIEX listing
Chunghong Holdings Ltd (昶虹), a Chinese printed circuit board (PCB) firm, is seeking to raise funds in Taiwan through a primary listing on the local main board, underwriter Capital Securities Corp (群益證券) said on Monday.
Capital Securities said Chunghong, which is registered in the Cayman Islands, is planning to issue 7.61 million new shares to raise about NT$216.8 million (US$6.77 million) and has filed an application with the Taiwan Stock Exchange for the listing.
According to its prospectus, Chunghong expects the listing to be completed in the first quarter of next year.
Aside from making PCBs, Chunghong also provides surface mount technology to make electronic circuits in which the components are mounted on the surface of the PCBs.
Chunghong, which was founded by Taiwanese businessmen operating overseas, was listed on the Singapore Exchange in 2007 but delisted voluntarily last year.
FET appoints new president
Far EasTone Telecommunications Co (FET, 遠傳電信) promoted Chief Commercial Officer Yvonne Li (李彬) to the post of president, replacing Jan Nilsson who stays in his role as vice chairman, effective from Sept. 10, the Taipei-based operator said in an exchange filing yesterday.
NT falls against US dollar
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.042 to close at NT$32.102.
Turnover totaled US$1.082 billion during the trading session.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
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